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1, Jul 1, 2012

More college graduates have debt than have jobs

Filed under: Economy — admin @ 12:32 am

I heard this news on NPR on 5/10 about college graduates struggling to gain financial footing. To be sure, it is not a cheerful situation for many of them and its long-term impact is rather depressing.

First of all, “A new Rutgers University survey of those who graduated from college between 2006 and 2011 finds that just half of those grads are working full time.”

Second, the sad part is, as Cliff Zukin said, “More come out with debt than come out with jobs,” NPR interviewed Caitlin LaCour who graduated from Columbia College in Chicago in 2011. She earns just $10 an hour, which was far from enough to take care of her $100,000 student loan debt. So she had to take on a second part-time job at a shoe store, and then a third… She said “I got addicted to working. I just burned myself out, because I didn’t want to have to worry about not being able to pay my loans.”

Third, your college major plays a role. “An engineering grad from a top school, for example, can job-hop and get back to a higher earning level in three or four years, von Wachter says. But ‘students who come from smaller, less-well-known schools and have majors such as humanities or arts — they tend to have depressed career paths lasting for a very long time.'”

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